ABC Co uses perpetual inventory system and Average Cost Method. The company's information for December 2021 is as follows: December 1- Beginning inventory value is $ 800 in total for 20 units of inventory. December 7- Sold 10 units $50 each. December 12- Purchased 15 units at the cost of $42 each. December 17- Sold 8 units $50 each. December 23-Sold 4 units $50 each. December 27- Purchased 8 units at the cost of $44 each. December 30- Sold 10 units $50 each. What amount should be recorded to COGS for the sale transaction on December 17? Select one: O a. 630 Ob. 329,60 Oc. 431,20 O d. 164,80

ABC Co uses perpetual inventory system and Average Cost Method. The company's information for December 2021 is as follows: December 1- Beginning inventory value is $ 800 in total for 20 units of inventory. December 7- Sold 10 units $50 each. December 12- Purchased 15 units at the cost of $42 each. December 17- Sold 8 units $50 each. December 23-Sold 4 units $50 each. December 27- Purchased 8 units at the cost of $44 each. December 30- Sold 10 units $50 each. What amount should be recorded to COGS for the sale transaction on December 17? Select one: O a. 630 Ob. 329,60 Oc. 431,20 O d. 164,80

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Description: ABC Co uses perpetual inventorysystem and Average Cost Method.The company's information forDecember 2021 is as follows:December 1- Beginning inventory value is $ 800 intotal for 20 units of inventory.December 7- Sold 10 units $50 each.December 12- P

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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